Billabong returns to profit after three years of - sportstextiles: Lea SportsTextiles

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Billabong returns to profit after three years of losses

27/02/2015
Australian sportswear brand Billabong has posted a profit of $4 million for the first half of its financial year – the first time it has been in the black for three years.

The company launched a far reaching cost cutting plan in 2012 when it posted a $276 million net loss. The plan included new management, closing stores, alleviating suppliers and offloading assets.

Sales in the first half of the year reached $522.1 million from a “smaller, higher quality revenue base”.
CEO Neil Fiske said the results were encouraging but “significant reform is still required”.

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